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Nation's commercial leasing picture telling two stories

What's happening in commercial leasing? The online property marketplace firm Ten-X has done some deep research into the commercial real estate market from both a national and a local perspective, and its findings are interesting. First, perhaps, is this: Ten-X states that a marked division exists across the country regarding what is going on in the office sector versus apartment leasing, respectively.

As to the office market, an article spotlighting Ten-X's findings notes that "a broad national outlook obscures the bifurcation of two types of markets."

On the one hand, and despite an overall "tepid recovery" in commercial leasing for offices, some specific areas are outshining others, with Ten-X calling them "hot markets" (think San Francisco and New York City.)

On the lagging end are so-called "left behinds," such as much of the Midwest.

The apartment picture is different, showing a generally strong and consistent demand for units from renters in most parts of the country.

Ten-X states that the demand-heavy national picture for residential rentals is understandable, given a material fall in home ownership levels across the country in recent years. Reportedly, the national home ownership rate one year ago was at its lowest level in more than half a century!

Florida, of course, was hit hard by the real estate downturn. Ten-X describes Florida, along with a few other regions of the country, as "post-housing bust markets" that were hit especially hard during the Great Recession of recent years.

The tide might be turning now in such areas, though, states Ten-X, with one contributing factor being a population influx from the Northeast and Midwest areas of the country.  We welcome all you nowbirds to Florida!

The bottom line for Florida is that the state will always attract newcomers, with obvious implications for both office space/leasing and apartment rentals.

We will address that reality, along with the implications, in future blog posts.

Our firm is experienced in litigating nonresidential as well as residential landlord/tenant disputes along with all types of possession claims, including unlawful detainer, continuing trespass, boundary disputes and others. Often these disputes are combined with business disputes, such as those arising from a sale of a business. Visit our website for more information and VIDEOS on various civil litigation issues.

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